A few days after the UK voted to leave the European Union, the shock is still being felt in markets. A combination of political upheaval from the British Prime Minister’s announcement to resign while parliamentary parties seem set to implode, along with the “Leave” camp’s admission that they don’t have a game plan, are continuing to weaken the pound today after small gains at the end of Friday’s session. The uncertainty is coming on top of an economic data picture that has already been bleak for the UK, signaling that we could expect further sterling weakness.

While the referendum’s outcome has hammered the pound, it has boosted safe haven assets and currencies. Market volatility is also affecting oil, which extended its declines below $47 this morning. Brexit also impacted the Australian dollar, which saw a massive decline after the results came in, while the US dollar strengthened as markets became risk-off. The trend is continuing this morning. Risk-off momentum is also driving European and US stock index futures lower going into this week.

Along with the pound’s struggles, the euro seems to be facing an uphill battle too. After Brexit, nationalist politicians in European countries began discussing votes of their own to decide membership in the EU. The euro is continuing to show broad weakness this morning from fear over coming political upheaval as the very definition of what it means to be European comes into question across the continent. Analysts are anticipating that the situation could give the European Central Bank reason to cut rates, which would further weigh against the euro.

EURUSD: Euro on downward trend, with Brexit aftermath the main risk-event for the region.

GBPUSD: Sterling sell-off continues as political upheaval seizes Britain.

AUDUSD: Aussie dollar weaker as global risk-off momentum continues and Brexit anxiety lingers.

USDCAD: Canadian dollar broadly weaker as haven demand post-referendum drives investors to the US dollar.